This article is from the Australian Property Journal archive
AUSTRALIAN Unity’s Healthcare Property Trust continues to expand its social infrastructure portfolio with the sale and leaseback acquisition of three Queensland aged care properties from McKenzie Aged Care Group for $93.65 million (excluding acquisition costs).
The first property is Capella Bay, a contemporary 133-resident facility located in Capalaba, approximately 22km south-east of the Brisbane CBD.
The second property, Seabrook, provides accommodation for 122 residents located in Deception Bay, 40km north of the Brisbane CBD and the final facility is The Terraces, a modern three-storey 149-resident facility in the Gold Coast suburb of Varsity Lakes.
The properties have been leased back to McKenzie Aged Care Group for a minimum term of 25-years with options to extend by two additional 10-year periods.
General manager – healthcare property Chris Smith said the quality of the assets and the secure, long-term lease arrangements provide AUHPT investors a compelling, income-producing opportunity in an increasingly competitive market.
“The addition of three established, well-located and securely leased aged care facilities enhance tenant and income diversification and increase the fund’s weighted average lease expiry from 15.7 to 16.1 years, based on the 25-year lease terms for the portfolio acquisition.
“These acquisitions augment AUHPT’s aged care portfolio and follow our recent land purchase ahead of the $54 million development of an aged care facility in Knoxfield in Melbourne’s eastern suburbs to commence in 2022.”
Smith said 2021 has been another successful year for the trust which continues to make long term investments in Australia’s critical healthcare and social infrastructure without paying too much for hotly contested assets in an exuberant market.
“We are currently developing new facilities and in active due diligence on a number of other transactions, totalling circa. $500 million, and expect to make further announcements on these in the coming weeks.” Smith said.
Executive general manager – property Mark Pratt said Australia’s healthcare property sector offers strong investment potential into the future, adding that healthcare real estate remained an attractive asset class for investors.
“Demand for superior, well-run aged care, healthcare and medical infrastructure will only increase as our population ages,” Pratt said. “As the consolidation of the aged care industry unfolds, Australian Unity will continue to invest in and develop properties that deliver long-term investor returns whilst supporting older Australians in their later years.”
